The world of cannabis-focused exchange-traded funds is getting crowded, and for a latecomer to the party it makes sense to try to grab attention by undercutting the competition on price.

That’s the strategy of the Cambria Cannabis ETF (TOKE), an actively managed product from Cambria Investment Management LP that launched today. TOKE is the second U.S.-listed cannabis ETF to debut this week—and the third this month—and is the sixth ETF with a sizable pot focus that trades in the U.S.

The other five funds have net expense ratios ranging from 0.70% to 0.75%. TOKE not only has the best ticker symbol of the group, but the cheapest net expense ratio of 0.42%. (The gross expense ratio is 0.59%; management is waiving 17 basis points of the management fee until at least August 31, 2020.)

TOKE is the 12th ETF from Cambria, an El Segundo, Calif.-based asset manager whose ETFs include tactical, core and value strategies. This is the company’s first thematic ETF.

Cambria says TOKE is a global portfolio that will hold 20 to 50 equities providing broad exposure to the cannabis industry, including marijuana and hemp. The latter is defined as being derived from cannabis plants and plant parts having 0.3% or less of tetrahydrocannabinol (THC), the psychoactive agent found in marijuana.

The fund begins trading with 30 holdings, and is managed by Meb Faber, Cambria’s CEO and chief investment officer. It will include micro-, small- and mid-capitalization stocks of companies that get at least 50% of their revenue or profits from the legal sale, cultivation, production or provision of cannabis-related products, services or research. That can include agrobusiness, biotechnology, life sciences, pharmaceutical, retail, finance and real estate companies.

According to the prospectus, TOKE won’t invest in U.S. companies with cannabis-related business activities that are illegal under U.S. federal law, notwithstanding if those activities are legal under state law. Medical marijuana is legal in 33 states and the District of Columbia, and recreational weed is legal in 11 states and in D.C.

The fund will have a strong focus on companies domiciled or principally traded in Canada, and will also invest in companies domiciled or principally traded in Australia, Europe or Asia.

As noted in fund literature, TOKE will be rebalanced periodically—but no less frequently than annually—to meet Cambria’s internal target allocations.